In having friends and clients from all over the world, I try to stay relevant on all subjects – and obviously real estate! As a member of AREAA (Asian Real Estate Association of America), I attended the fall summit in New York City on September 13th at the simply beautiful Chase Morgan Building in Manhattan.
The day was filled with pertinent and interesting information as discussed with panels throughout the day. Subjects included how Artificial Intelligence is changing the real estate industry, Foreign Developers transforming the U.S. Skylines, Innovations in Design and Construction ( modular apartments as described in detail by Bentley Zhao, Chairman and CEO of the New Empire Group), and the Future of new Residential Development in New York City.
I learned so much pertinent information on the numerous subjects including the current hot areas in the city in where to purchase (Grand Central area very hot), certain areas in Brooklyn, price points, price per square foot, how rezoning takes up to 10 years, how world affairs can affect or delay development outcomes, and how there are still many international buyers – all cash. As an example, purchasers for the Rockwell (units priced from One Million up to 4 Million Dollars are based on 68% cash buyers. Studio apartments close to Grand Central are in demand as they basically used for Pied de Terre’s. On whole, they are seeing 79-80% cash sales, and the discussion opined that in order to spurn development regulations must be changed. With no tax incentives for condo owners, rezoning being very political (to seemingly just to garner votes ), and each building has its own energy code. The older the building the lower the rating.
The day ended with a networking celebration at Blackwell’s Pub located at 150 E. 47th Street.
It was wonderful meeting old and new friends. Cheers!
Westchester is great!
